Credit Agricole SA Reiterates Overweight Rating for MGM Resorts International (MGM)
MGM Resorts International (NYSE:MGM)‘s stock had its “overweight” rating restated by equities research analysts at Credit Agricole SA in a research report issued on Tuesday. They currently have a $29.00 target price on the stock.
Several other analysts have also commented on the company. Deutsche Bank AG reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Friday. Stifel Nicolaus reiterated a “buy” rating and set a $20.00 target price on shares of MGM Resorts International in a research report on Thursday, September 15th. Susquehanna reiterated a “positive” rating and set a $30.00 target price on shares of MGM Resorts International in a research report on Thursday, September 8th. Buckingham Research started coverage on MGM Resorts International in a research report on Thursday, August 11th. They set a “buy” rating and a $31.00 target price on the stock. Finally, Zacks Investment Research downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Tuesday, July 26th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company’s stock. MGM Resorts International currently has an average rating of “Buy” and an average price target of C$27.71.
MGM Resorts International (NYSE:MGM) opened at 25.05 on Tuesday. The company’s market capitalization is $14.17 billion. The stock’s 50 day moving average price is $24.49 and its 200 day moving average price is $22.98. MGM Resorts International has a 12 month low of $16.18 and a 12 month high of $25.72.
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MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Thursday, August 4th. The company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.28 by $0.02. MGM Resorts International had a positive return on equity of 3.65% and a negative net margin of 1.90%. The firm earned $2.45 billion during the quarter, compared to the consensus estimate of $2.33 billion. During the same period in the previous year, the firm earned $0.19 EPS. The business’s revenue was down 4.8% on a year-over-year basis. Equities research analysts anticipate that MGM Resorts International will post $0.67 earnings per share for the current fiscal year.
In other news, major shareholder Corp Tracinda sold 4,000,000 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of C$100,000,000.00, for a total transaction of C$400,000,000,000,000.00. Following the transaction, the insider now owns 87,173,744 shares of the company’s stock, valued at C$8,717,374,400,000,000. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Mcmanus sold 12,363 shares of the company’s stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of C$24.44, for a total value of C$302,151.72. Following the transaction, the executive vice president now directly owns 40,071 shares in the company, valued at approximately C$979,335.24. The disclosure for this sale can be found here. Insiders own 16.90% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in MGM Resorts International by 7.4% in the second quarter. Vanguard Group Inc. now owns 34,658,063 shares of the company’s stock worth $784,311,000 after buying an additional 2,386,562 shares in the last quarter. Capital World Investors boosted its position in MGM Resorts International by 9.7% in the second quarter. Capital World Investors now owns 24,427,302 shares of the company’s stock worth $552,790,000 after buying an additional 2,150,087 shares in the last quarter. Canyon Capital Advisors LLC boosted its position in MGM Resorts International by 2.2% in the second quarter. Canyon Capital Advisors LLC now owns 17,411,736 shares of the company’s stock worth $394,028,000 after buying an additional 369,432 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in MGM Resorts International by 2.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 11,310,824 shares of the company’s stock worth $255,964,000 after buying an additional 303,127 shares in the last quarter. Finally, TIAA CREF Investment Management LLC boosted its position in MGM Resorts International by 11.4% in the second quarter. TIAA CREF Investment Management LLC now owns 8,154,880 shares of the company’s stock worth $184,545,000 after buying an additional 835,717 shares in the last quarter. 71.24% of the stock is currently owned by hedge funds and other institutional investors.
MGM Resorts International Company Profile
MGM Resorts International is a holding company. The Company owns and operates casino resorts. It operates in two segments: wholly owned domestic resorts and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail and other resort amenities. It has additional business activities, including its investments in unconsolidated affiliates, and other corporate and management operations.
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